Consumer companies rose as fears about Federal Reserve policy subsided.
Treasury yields had rebounded in the first four trading sessions of 2024, causing investors to reconsider the fourth-quarter bets on an impending drop in mortgage rates. On Monday, a retreat in Treasury yields spurred gains in sectors such as the consumer-discretionary industry group, which are sensitive to shifts in interest rates.
The monthly Home Purchase Sentiment Index rose 2.9 points in December to 67.2, driven primarily by consumers' expectation that rates will fall, according to a survey from mortgage-finance semi-state body Fannie Mae.
Consumer products maker Newell Brands will slash about 7% of its office roles and pare down its real-estate footprint as part of an overhaul.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-08-24 1823ET
